Gannett's Profit Falls 9%
Amid Weak Ad Sales

Newspaper publisher Gannett Co. said its first-quarter profit fell 9% as advertising revenue dropped on a sharp decline in classified-ad sales and the effects of a sagging U.S. economy.

The McLean, Va., publisher of USA Today, which also owns 23 television stations, warned in December that it would be affected this year by the subprime-mortgage crisis, tighter credit requirements and other difficulties.